HC Wainwright Forecasts Strong Price Appreciation for Vertex Pharmaceuticals (NASDAQ:VRTX) Stock

Vertex Pharmaceuticals (NASDAQ:VRTX) had its target price hoisted by stock analysts at HC Wainwright from $535.00 to $550.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the pharmaceutical company’s stock. HC Wainwright’s target price would suggest a potential upside of 25.46% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group raised shares of Vertex Pharmaceuticals from a “hold” rating to a “buy” rating and lifted their target price for the company from $500.00 to $550.00 in a research note on Monday, December 9th. Royal Bank of Canada upped their target price on Vertex Pharmaceuticals from $437.00 to $451.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 5th. Raymond James reiterated a “market perform” rating on shares of Vertex Pharmaceuticals in a report on Thursday, October 10th. Canaccord Genuity Group increased their price objective on Vertex Pharmaceuticals from $361.00 to $408.00 and gave the stock a “sell” rating in a report on Wednesday, November 6th. Finally, Piper Sandler decreased their target price on shares of Vertex Pharmaceuticals from $535.00 to $533.00 and set an “overweight” rating for the company in a research report on Monday. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Vertex Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $495.36.

Vertex Pharmaceuticals Stock Performance

Shares of VRTX opened at $438.40 on Friday. Vertex Pharmaceuticals has a 52-week low of $377.85 and a 52-week high of $519.88. The firm has a market capitalization of $112.90 billion, a PE ratio of -220.30, a P/E/G ratio of 2.29 and a beta of 0.40. The firm has a 50-day moving average price of $434.34 and a 200 day moving average price of $463.31. The company has a quick ratio of 2.20, a current ratio of 2.47 and a debt-to-equity ratio of 0.01.

Vertex Pharmaceuticals (NASDAQ:VRTX) last announced its quarterly earnings data on Monday, November 4th. The pharmaceutical company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $3.61 by $0.77. The business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.69 billion. Vertex Pharmaceuticals had a negative return on equity of 1.91% and a negative net margin of 4.52%. The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.67 earnings per share. On average, sell-side analysts anticipate that Vertex Pharmaceuticals will post -1.93 earnings per share for the current fiscal year.

Institutional Trading of Vertex Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Edgewood Management LLC raised its stake in Vertex Pharmaceuticals by 7,876.3% during the 3rd quarter. Edgewood Management LLC now owns 1,546,370 shares of the pharmaceutical company’s stock worth $719,186,000 after buying an additional 1,526,983 shares during the period. WCM Investment Management LLC acquired a new stake in shares of Vertex Pharmaceuticals during the fourth quarter worth about $435,899,000. Jennison Associates LLC raised its position in shares of Vertex Pharmaceuticals by 18.1% during the third quarter. Jennison Associates LLC now owns 5,550,386 shares of the pharmaceutical company’s stock worth $2,581,373,000 after purchasing an additional 851,054 shares during the period. Wellington Management Group LLP grew its position in shares of Vertex Pharmaceuticals by 17.2% in the 3rd quarter. Wellington Management Group LLP now owns 4,798,870 shares of the pharmaceutical company’s stock valued at $2,231,858,000 after purchasing an additional 704,421 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Vertex Pharmaceuticals by 169.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 839,672 shares of the pharmaceutical company’s stock worth $338,136,000 after purchasing an additional 528,029 shares in the last quarter. 90.96% of the stock is owned by institutional investors.

Vertex Pharmaceuticals Company Profile

Vertex Pharmaceuticals Incorporated, a biotechnology company, engages in developing and commercializing therapies for treating cystic fibrosis (CF). It markets TRIKAFTA/KAFTRIO for people with CF with at least one F508del mutation for 2 years of age or older; SYMDEKO/SYMKEVI for people with CF for 6 years of age or older; ORKAMBI for CF patients 1 year or older; and KALYDECO for the treatment of patients with 1 year or older who have CF with ivacaftor.